The crypto market bounced back for the second straight day on Thursday with the total market capitalisation increasing 3.6 percent to $1.67 trillion as of 13:55 GMT. The price of bitcoin, the largest cryptocurrency, gained 8.29 percent to reach $37,855. With this increase in price, the market capitalisation of the BTC has reached $709 billion. Likewise, ethereum (ETH) price increased by 0.61 percent to reach $2,543. With this increase in price, the market capitalisation of ETH has reached $295 billion. Similarly, XRP gained 2.10 percent to reach $0.883. The market capitalisation of XRP stands at $88.2 billion after this increase. On the other hand, Cardano (ADA) price reached $1.57 with a 0.78 percent increase in its price. Its market capitalisation has reached $50.4 billion with this increase. Similarly, dogecoin (Doge) gained 2.36 percent to reach $0.335. With this decrease in price, the market capitalisation of Doge reached $43.4 billion. Earlier in the day, bitcoin surged 13 percent after El Salvador officially recognised it as a legal tender, becoming the first country in the world to do so. The cryptocurrency is still significantly off from its record high of $64,829.14 that was reached in April.